I don't think the phone will let you connect to multiple bluetooth devices at the same time. So sharing the internet with multiple devices via bluetooth probably isn't possible. haven't got any proof either way.
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bendemesOct 18 '11 at 13:40

1 Answer
1

There's the bluetooth PAN profile which allows just that.
It is included with CM7+ and from Android 4.0 onwards (or already 3.0?). Bluetooth PAN's host (the device that provides the internet) acts as a router which does NAT + issue dhcp adresses for its clients.

There are also Bluetooth DUN profile apps that allow this (they provide a virtual GSM modem and may also allow for more than 1 connection at a time):
See host+client BlueDUN apps from Mirko Solazzi